HOAleader.com - Tip of the Week - April 17, 2009
Published: Fri, 04/17/09
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Owners in Your HOA Financially Pinched? How Can You Improve the
Odds They'll Pay Your Dues and Assessments?
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Recently we polled some HOA board members about what keeps them
up at night. Many of the responses involved concerns that
homeowners wouldn't be able to--or would decide not to--pay
HOA dues and assessments because of financial troubles.
Sound familiar?
Here are a few ideas from some of our poll respondants that might
help:
1) Communicate well in advance about potential assessments.
Carol Hodes, from the Deerwood Farms Homeowners Association in
Old Bridge, N.J., told us that her board, "notified our townhome
owners that we'd be doing a roof replacement project in 2010
and that they should start saving for an assessment."
2) Involve owners in the HOA, so they don't deprioritize
payments to the association. Joseph Maggiore of the Springfield
Park Homeowners Association in Phoenix told us, "By attempting
to personally involve homeowners more, the hope is that they'll
feel a deeper connection to their community and not be tempted
to allow these bills to go unpaid."
To read more of the comments we recieved from HOA board members
see our new article: http://www.hoaleader.com/members/266.cfm
Best regards,
Matt Humphrey
President
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Recent articles posted at HOAleader.com:
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HOA Members Reveal Their Biggest Fears
Hands down, the biggest worry that keeps association members
awake at night is their fellow homeowners' continued ability to
remain current on association fees, according to HOAleader.com's
informal survey of homeowners across the country.
Click here to read full article:
< http://www.hoaleader.com/members/266.cfm >
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HOA Insurance Mistakes: Steer Your Homeowners Association Clear
of These Insurance Pitfalls
One simple mistake can become costly when it involves insurance.
You could end up overpaying for coverage you don't need--and who
has extra money to throw away in this economy? Or you could learn
that you don't have the coverage you thought you did when faced
with a costly repair. Here, experts identify the mistakes
associations can make when it comes to insurance and offer tips
for avoiding the missteps.
Click here to read full article:
< http://www.hoaleader.com/members/264.cfm >
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HOA Finances: Don't Rely on Special Assessments for Major Repairs
If You Can Help It
Because many people are hurting financially right now, your
homeowners association board might be considering whether or not
you should underfund your HOA's reserves. After all, if you ever
need to make a major repair, you could make up for a shortfall
through a special assessment. No harm. No foul. Right?
Click here to read full article:
< http://www.hoaleader.com/public/260.cfm >
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HOA Reserve Funds: The Pros and Cons of Underfunding Reserves
Some boards stop funding--or underfund--their homeowners
association reserves as a way to easy the burden on homeowners
during difficult economic times. Is this a smart move for your
HOA?
Click here to read full article:
< http://www.hoaleader.com/members/259.cfm >
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HOA Budgeting Tips
As part of a new article on best practices for a smooth budgeting
process, HOA attorney Sima L. Kirsch gave us her suggestions for
HOA boards when budgeting. This week's tip is to follow these
core ideas in your budget process.
Click here to read full article:
< http://www.hoaleader.com/public/261.cfm >
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